Retractable Technologies, Inc. Results for the Period Ended June 30, 2023
Retractable experienced significant growth in late 2020 through early 2022 due to material orders from the
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Three Months Ended June 30, |
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(Amounts in millions) |
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2023 |
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|
|
2022 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2018 |
|
|
$ |
7.3 |
|
$ |
9.5 |
|
$ |
12.7 |
|
$ |
9.4 |
|
$ |
7.8 |
$ |
6.3 |
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Sales to |
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— |
|
|
|
— |
|
|
|
27.4 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
|
0.2 |
|
|
|
4.3 |
|
|
|
1.5 |
|
|
|
2.0 |
|
|
|
1.2 |
|
|
0.8 |
|
|
Other international sales |
|
0.5 |
|
|
|
0.5 |
|
|
|
0.9 |
|
|
|
0.2 |
|
|
|
0.6 |
|
|
0.4 |
|
|
Total sales |
$ |
8.0 |
|
|
$ |
14.3 |
|
|
$ |
42.5 |
|
|
$ |
11.6 |
|
|
$ |
9.6 |
|
$ |
7.5 |
|
During the first half of 2023, Retractable materially increased its investment in
Retractable reports the following results of operations for the three and six months ended June 30, 2023 and 2022, respectively. Further details concerning the results of operations, as well as other matters, are available in Retractable’s Form 10-Q filed on August 14, 2023 with the
Comparison of Three Months Ended June 30, 2023 and June 30, 2022
Domestic sales accounted for
Cost of manufactured product decreased
Operating expenses decreased
The loss from operations was
The unrealized loss on debt and equity securities was
The benefit for income taxes was
Comparison of Six Months Ended June 30, 2023 and June 30, 2022
Domestic sales accounted for
Cost of manufactured product decreased
Operating expenses decreased
The loss from operations was
The unrealized loss on debt and equity securities was
The benefit for income taxes was
ABOUT RETRACTABLE
Retractable manufactures and markets VanishPoint® and Patient Safe® safety medical products and the EasyPoint® needle. The VanishPoint® syringe, blood collection, and IV catheter products are designed to prevent needlestick injuries and product reuse by retracting the needle directly from the patient, effectively reducing exposure to the contaminated needle. Patient Safe® syringes are uniquely designed to reduce the risk of bloodstream infections resulting from catheter hub contamination. The EasyPoint® is a retractable needle that can be used with luer lock syringes, luer slip syringes, and prefilled syringes to give injections. The EasyPoint® needle also can be used to aspirate fluids and for blood collection. Retractable's products are distributed by various specialty and general line distributors.
For more information on Retractable, visit its website at www.retractable.com.
Forward-looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect Retractable's current views with respect to future events. Retractable believes that the expectations reflected in such forward-looking statements are accurate. However, Retractable cannot assure you that such expectations will materialize. Actual future performance could differ materially from such statements.
Factors that could cause or contribute to such differences include, but are not limited to: material changes in demand, potential tariffs, Retractable's ability to maintain liquidity; Retractable's maintenance of patent protection; Retractable's ability to maintain favorable third party manufacturing and supplier arrangements and relationships; foreign trade risk; Retractable's ability to access the market; production costs; the impact of larger market players in providing devices to the safety market; and other risks and uncertainties that are detailed from time to time in Retractable's periodic reports filed with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20230814240460/en/
Retractable Technologies, Inc.
John W. Fort III, 888-806-2626 or 972-294-1010
Vice President, Chief Financial Officer, and Chief Accounting Officer
Source: Retractable Technologies, Inc.